HINJEWADI REAL ESTATE_ CURRENT REALITY

Hinjewadi is the suburb of Pune city & part of western Pune. Once, the hottest market for real estate in India where Hinjewadi witnessed average appreciation of 30% or more per year during year 2009- mid 2014. Hinjewadi had the potential of absorbing lacs of home buyer aspirants to get their dream home. It has   very strong connectivity from Mumbai-Pune Expressway, Bangalore, Pune City, PCMC area etc which attract the investors & end user to buy home. It also employs approx. 3 lacs people, in which most of them think to stay nearby areas from their offices. But following are the reasons i.e. day to day traffic issue, social infrastructure developments, etc. which resist the home buyers’ decision to invest. Still Hinjewadi has the maximum crowd of investors because of rental income. Bachelors IT guys in group can take flat on rent paying maximum rent, individually very smaller amount. More than 60% tenants are the bachelor IT guys. If this area wants to attract more mixed crowed has to be better developments, especially traffic solution.

From the last 2-3 years, MIDC is planning to eradicate these issues by expanding roads, allowing more commercials like malls, multiplexes, hotels, hospitals, etc. which are basic necessities these days. But a little problem because of Hinjewadi comes under in both MIDC & PMRDA earlier known Gram Panchayat partly, so the intention/conflicts of both development authorities arise.

Builder has done the excellent developments as of now. And even now faster & smarter development is being done. Some of the excellent offerings by builders like- Yashwin by VJ, Milange by Rama Group, Tinsel Town by Kohinoor Group, High Mont by Mittal Group and EON Homes by Kasturi Housing, etc. Also lot of future developments are proposed by many builders like 45 acres of VHTPL development by TCG Real Estate, 7 Acres of 32 Pinewood Drive by Bhandari Associates, etc. These are the projects which will change the face of Hinjewadi.

Also some of the beautiful developments are already done in this area like: Blue Ridge by Paranjape Schemes, Ashok Meadows By Mumbai based conglomerate Peninsula Land Ltd., The Crown Greens by Kolkata based MNC TCG Real Estate, Megapolis By Kumar Properties, etc.

As i already mentioned about the appreciation till mid 2014, I guess that is the time when Hinjewadi property rate was on maturity stage & henceforth declined. I also understand that this market is going through very tough phase so the property rate is minimal. Builders were selling property at the average rate of Rs. 5200/ sq. Ft. till Mid 2014. Now rate of the property in the same area is the more or less same and additional offers are huge like-no pre-emi till possession, lot of accessories in the apartments, huge discounts may be up to Rs.1000/ Sq. Ft., etc.

Also more issue with the property which comes under MIDC where the land is on lease of 95-99 years. Customers do not prefer especially lease hold property, since there are lot of conflicts in the agreement clauses between builders & MIDC. I guess some of the builders are fighting case in court against the some clauses mentioned in the agreement. And customers only came to know after getting possession & resale of the apartments. So, lease hold property is the biggest challenging property.

Most important, finally metro-line is proposed in the later developments of 2^nd phase of metro and this development is proposed till Hinjewadi phase 3 which may resolve/eradicate the traffic issue, hence the demand rise of property.

Happy Reading..... :-)

Keep Enjoying....... :-)

Sincerely,

Praveen Kumar

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